New Delhi: During a virtual address at the G20 Trade and Investment Ministerial Meeting on Thursday, Prime Minister Narendra Modi said India has moved from “red tape” to “red carpet. Over the course of the past nine years, India has opened its doors to unfettered Foreign Direct Investment (FDI) inflows.
PM Modi urged fellow G20 member countries to collaborate in constructing a robust and inclusive global value chain that can endure potential future disruptions.
“We have moved away from red tape to the red carpet and liberalised Foreign Direct Investment flows. Initiatives like ‘Make in India’ and ‘Atma Nirbhar Bharat’ have given a boost to manufacturing. Above all, we have brought policy stability. We are committed to making India the third-largest global economy in the next few years,” PM Modi said.
PM Modi highlighted that within the span of the last nine years under the leadership of the BJP-led National Democratic Alliance (NDA), India has ascended to become the fifth-largest global economy.
The Prime Minister also called on the G20 delegates to instill renewed confidence in international trade and investment. He underscored, “We must build resilient and inclusive global value chains that can withstand future shocks. In this context, India’s proposal to create a generic framework for mapping global value chains is important.” This proposed framework aims to evaluate vulnerabilities, mitigate risks, and enhance overall resilience.
Concluding his address, PM Modi said, “Technologies’ transformative power in trade is undeniable. India’s shift to an online single direct tax, the Goods and Services Tax (GST) helps create a single internal market boosting inter-state trade.”